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Dive Briefing:
- Viral health food company Goodles has named food industry veteran Chris Hall as its next chief financial officer. Hall Most recently, he served as CFO of Sovos Brands, where he led a portfolio of CPG brands including Rao’s, which was acquired by Campbell Soup for $2.7 billion.
- According to the company, the newly appointed CFO is taking on the role during a period of unprecedented growth. Goodles revenue more than tripled in 2023 compared to the previous year, and this year They said they expected it to double.
- Hall told Food Dive in an emailed statement that the company will focus on building brand momentum as it looks to reach more homes.
Dive Insight:
In 2021, Goodles launched a boxed mac and cheese product that added protein and fiber to the noodles to make them more nutritious.
The company is now considering: After launching the first deluxe, we expanded into more categories. Last month’s product line.
When comparing his role at Sovos to setting strategy as CFO of a small startup, Hall says, “There are actually a lot more similarities than differences, especially on the commercial side.”
“Given the similar brand attributes of very strong velocity, high incrementality, premium positioning, our approach to retail is also very similar,” Hall said. “What’s unique about GOODLES, and what I’m still trying to understand, is the level of fanaticism that people of all ages have for this mac and cheese.”
Hall said the customer base has grown with each new product line and there has been no cannibalization in the category.
While at Sovos Brands, Hall anticipated the acquisition of Campbell Soup Company.A $2.7 billion deal was approved. CPG added pasta sauces, dried pastas, soups, frozen main dishes, frozen pizzas and yogurt to its portfolio.
Goodles is at a very different point in its growth and is still focused on furniture penetration, but Hall said there are two approaches to retail. Similarities.
“Both businesses started out with low, single-digit household penetration and grew very quickly, and their pilot strategies are very similar, leveraging strong word-of-mouth, social media and in-store retail marketing. Their approach to retailers is also very similar, given their similar brand attributes – very high velocity, high incrementality and premium positioning,” he said.
